StoneBridge Acquires DC’s Connecticut Plaza Apartments in $66M Deal

reprints


StoneBridge Investments has acquired Connecticut Plaza Apartments, a 236-unit apartment community in Washington, D.C.’s Cleveland Park neighborhood, for $66 million.

The seller was Boston-based National Development, which has owned the property for more than 45 years.  

SEE ALSO: Distress Looms Over U.S. Offices Heading Into Summer: Report

“We see Connecticut Plaza as a generational investment and a core addition to our portfolio,” Will Bateman, director of StoneBridge Investments, told Commercial Observer.

Built in 1927 and renovated in 2020, Connecticut Plaza features a mix of studio, one- and two-bedroom apartments across four buildings near the intersection of Connecticut Avenue and Cathedral Avenue. It also houses Italian bistro LiLLiES Restaurant and Bar and is next to the National Zoo. 

“This irreplaceable location provides residents not just with typical urban amenities — walkable accessibility to nearby shopping, dining, jobs and two Metro stations — but also immediate access to ample green space via Rock Creek Park,” Bateman said.

Amenities include multiple rooftop terraces, a 24-hour fitness center, a business center, a guest suite, covered parking and a community room.  

Stonebridge said it will be upgrading common areas, building exteriors and in-unit features including floors, kitchens and baths, according to Bateman.

“We believe in the long-term attractiveness in Northwest Washington, D.C., and by strategically renovating the amenities and unit interiors over time, we aim to maintain and enhance Connecticut Plaza’s position as a premier apartment community,” he said. 

Alan Davis and Brenden Flood of Eastdil Secured represented the seller in the deal. The buyer represented things in-house.

Keith Loria can be reached at Kloria@commercialobserver.com.